Core Points - NB Private Equity Partners Limited (NBPE) has reported its total voting rights as of November 30, 2025, with a total of 43,796,282 voting rights available [1] - Class A shareholders hold 46,946,690 shares, with 3,150,408 shares held in treasury, allowing them to attend and vote at general meetings [1] - Class B shares, totaling 10,000, do not carry voting rights except in limited circumstances where prior approval is required from Class B shareholders [1] Company Overview - NBPE invests in direct private equity alongside leading private equity firms globally, managed by NB Alternatives Advisers LLC, a subsidiary of Neuberger Berman Group LLC [2] - The investment strategy focuses on capital appreciation through growth in net asset value while providing bi-annual dividends, with a fee-efficient structure due to no management fees or carried interest payable to third-party general partners [2] - Neuberger Berman, founded in 1939, manages $538 billion across various asset classes and has been recognized as a top workplace in money management for over a decade [3]

人民财讯12月1日电，企查查APP显示，近日，苏州市重大产业发展私募投资基金合伙企业(有限合伙)成 立，出资额40亿元，经营范围包含：以私募基金从事股权投资、投资管理、资产管理等活动。企查查股 权穿透显示，该企业由苏州市产业投资咨询中心有限公司、苏州高新区国昇资本运营有限公司等共同出 资。 ...

每经AI快讯，天眼查App显示，近日，上海智算领航私募基金合伙企业(有限合伙)成立，执行事务合伙 人为上海孚腾私募基金管理有限公司，出资额约50.4亿元人民币，经营范围为以私募基金从事股权投 资、投资管理、资产管理等活动。合伙人信息显示，该基金由上海埃迪西基础设施配套建设有限公司、 上海孚腾私募基金管理有限公司共同出资。 ...

Core Insights - The continuation vehicle (CV) strategy is gaining attention due to a significant failure involving United Site Services (USS), with major financial institutions facing a potential loss of $1.4 billion [1] - The CV was created by Platinum Equity in 2021 to transition USS from an older private equity fund to a new fund, allowing investors to cash out approximately $2.6 billion without a direct sale [2][3] - The valuation of USS was set at $4 billion, but the company faced challenges due to higher interest rates impacting the construction industry and its own financial health [3][5] Company-Specific Details - USS struggled with integrating prior acquisitions and faced cash flow issues due to debt servicing, leading to a potential handover of control to lenders [5][6] - The situation underscores the risks associated with continuation vehicles, which represented nearly 20% of all private asset exits in the first half of 2025 [8] - While CVs provide flexibility for private equity firms, the USS case illustrates the dangers of concentrated, illiquid investments that may fail [9]

Core Insights - The continuation vehicle (CV) strategy is facing scrutiny following a significant failure involving United Site Services (USS), leading to potential losses for major financial institutions totaling $1.4 billion [1][2]. Group 1: Continuation Vehicle Overview - The CV was created by Platinum Equity in 2021 to transition USS from an older private equity fund to a new fund, valuing USS at $4 billion [2]. - The CV allowed investors in the original fund to cash out approximately $2.6 billion without selling the company outright, reflecting a trend to monetize assets amid a sluggish deal-making environment [3]. Group 2: Challenges Faced by USS - USS encountered difficulties despite initial optimism for a post-COVID recovery in events and construction, with higher interest rates negatively impacting both the construction sector and USS's financial health [4]. - The company struggled with debt servicing, which consumed its cash flow, and faced challenges in integrating multiple prior acquisitions [4]. Group 3: Implications for Investors - Platinum Equity is preparing to transfer control of USS to lenders, which may result in total losses for investors in the CV [5]. - The situation underscores the risks associated with continuation vehicles, which accounted for nearly 20% of all private asset exits in the first half of 2025 [6]. - While CVs provide flexibility for private equity firms to retain promising assets, the USS case illustrates the potential for investors to be left with concentrated, illiquid, and failing investments [7].

Group 1 - The core viewpoint of the article highlights the increasing trend of large-scale private equity firms obtaining the Hong Kong 9 license, indicating a positive shift towards global expansion in the domestic private equity sector [1][2] - As of November 25, 2025, there are 107 licensed private equity managers in the market, with 10 new approvals since 2025, reflecting a proactive approach to global positioning [1] - Large-scale private equity firms dominate the licensed sector, with 35 firms managing over 10 billion and 19 firms managing between 5-10 billion, together accounting for nearly 50% of the total [1] Group 2 - The analysis by Liu Youhua, Director of Wealth Research at Paipai Network, identifies several factors supporting the dominance of large-scale private equity firms: high initial costs for cross-border operations, strong demand for global asset allocation from institutional investors and high-net-worth individuals, compliance advantages, and the necessity to explore overseas markets for growth [2] - The years 2021 and 2023 marked peaks for large private equity firms obtaining the 9 license, with at least 6 firms each year achieving this milestone [3] - Notable firms that received the 9 license in 2021 include Zhongou Ruibo, Jiukun Investment, and Ming Shi Fund, while in 2023, firms like Shanghai Dapu Asset and Inno Asset were among those approved [3]

人民财讯11月26日电，辽宁省人民政府办公厅印发《关于促进私募股权投资基金高质量发展的实施意 见》，其中提出，到2027年底，全省多层次、分领域、全周期私募股权投资基金体系基本形成，市场活 跃度不断增强，各类基金认缴规模力争突破1800亿元；到2030年底，各类基金认缴规模力争突破2500亿 元，对全省高质量发展的贡献度明显提升。 ...

Industry Regulation - South Korea's private equity fund industry pledged new "self-regulation" following controversies [1] - The controversies eroded public confidence and prompted demands for stricter supervision [1]

Three Wall Street heavyweights are poised to suffer a total loss on a deal for a portable-toilet company orchestrated by Platinum Equity, spotlighting the hazards of a controversial strategy that’s gained traction across private equity https://t.co/ddcbyZud6s ...

Group 1 - The private equity industry is often misunderstood, characterized as opaque and aggressive, but it is actually dynamic, collaborative, and increasingly transparent, focusing on long-term value creation [1] - Private equity provides stability and strategic guidance to investee companies, especially during turbulent times, offering a sense of security to investors compared to volatile public markets [2] - A common misconception is that IPOs are the primary exit route for private equity firms, whereas the reality is more complex [3] Group 2 - IPOs account for only a small share of private equity exits, typically 10-20% during strong bull markets, and in the past year, this figure has been even lower, with 90% of exits at HarbourVest Global Private Equity achieved through mergers and acquisitions [4] - Most exits occur through trade sales to corporates or sponsor-to-sponsor transactions, which provide liquidity while keeping the company private, making them efficient and predictable [5] - Continuation vehicles have emerged as a new exit route, allowing private equity managers to retain ownership of high-performing assets while providing liquidity options for investors [6] - The market for continuation fund transactions has significantly grown since 2022, exemplified by HarbourVest's investment in Froneri, which is undergoing a €3.6 billion capital injection [7]